Mumbai Based Tele Shopping Firm Naaptol Raises Rs.136 Crore from Mitsui & Co
Date: Tuesday , June 09, 2015
Mumbai-based tele shopping and e-Commerce platform, Naaptol Online Shopping Pvt. Ltd., owner of the shopping site Naaptol.com raises Rs.136 crore in its Series C round of funding from the Japanese diversified trading conglomerate, Mitsui & Co. The company plans to utilize the fresh round proceeds to expand its business reach. The funding also saw participation from its existing investors, namely Canaan Partners, New Enterprise Associates and Silicon Valley Bank. Jefferies India Pvt. Ltd. advised Naaptol shopping on this deal. Last year, the e-Commerce company was in plans to raise around $50 million.
Founded in January 2008 by IIT Kanpur alumni Manu Agarwal, Naaptol is a home shopping company in India which offers various products in diverse categories ranging from electronics, home appliances and many more. The company is the only e-Commerce firm that uses the services of India post for the deliveries of their orders. In 2011, the company raised $25 million in its Series B round of funding led by New Enterprise Associates and $38.5 million from its existing investors.
Manu Agarwal, CEO & Founder of Naaptol says, \"Naaptol is at an important juncture in its evolution with a strong presence on television through advertisements on third party channels as well as on 24-hour television shopping channels. We are glad to partner with Mitsui & Co. as we expand our business in our journey to become the largest home shopping network in the country. Our existing investors NEA, Canaan and Saama Capital have also participated in the funding round and continue to demonstrate confidence in our business model. We plan to use the funds raised to upgrade our studio capabilities, expand the supply chain and invest in technology\".